Accepted in JMCB: Shadow rates and the long-run level of the real rate

Together with my former Board colleague Ben Johannsen, we revised our work on estimating the long-run level of the real rate from a time-series model with shadow rates. In the revised version we also estimate the effects of monetary policy shocks identified from shadow-rate surprises

NEWLY REVISED working paper: pdf; accepted for publication by the JMCB.